New York (CNN) — Goldman Sachs has finally recovered from the 2008 financial crisis. Ironically, the main catalyst is President Trump’s promises to undo safeguards put in place to prevent another meltdown.
Goldman Sachs stock closed on Tuesday at a new all-time high, taking out the prior record that was set in October 2007.
Virtually all bank stocks have been on fire since Trump’s victory in anticipating of lighter regulation, higher interest rates and faster growth. But Goldman Sachs has been particularly hot, surging an incredible 37% since the election. That’s quadruple the S&P 500’s post-election advance.
Clearly, Goldman Sachs has already emerged as a big winner of Trump’s pledge to “do a big number” on Dodd-Frank, the 2010 Wall Street reform law.